J.P. Morgan lowers Boeing 2004 earnings estimate

SAN FRANCISCO (CBS.MW) -- J.P. Morgan said Friday it cut its 2004 per-share earnings estimate for Boeing
BA, -0.28%
to $2.00 from $2.50. The move followed Boeing's announcement it will take a $615 million fourth-quarter charge linked to discontinuation of its 717 aircraft line and deferral of the Air Force's contract for 767 airborne refueling tankers. J.P. Morgan left unchanged its "underweight" rating on the company. Boeing is scheduled to release its fourth-quarter and full-year earnings on Feb. 2. Shares in the aerospace giant were down 17 cents at $50.46 in midafternoon trade.

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